SOCPA Regulations Practice Questions - SOCPA Fellowship - Regulations And Business Law Exam (Saudi Arabia) Exam

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Under the Saudi Companies Law, what is the legal liability of partners in a Limited Liability Company (LLC) for the company's debts and obligations?

Partners are liable only to the extent of their capital contribution (share in the capital) Partners are personally, jointly, and severally liable without limit for all corporate debts The general manager bears 100% personal financial liability for all corporate debts Partners bear unlimited liability for trade debts but limited liability for bank loans

Correct Answer:

Partners are liable only to the extent of their capital contribution (share in the capital)

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